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Stellantis reports $15B profit in first year of merger

FRANKFURT, Germany — Automaker Stellantis said Wednesday that it made 13.4 billion euros ($15.2 billion) in its first year after it was formed from the merger of Fiat Chrysler Automobiles and PSA Group. The earnings nearly tripled profits compared with its pre-merger existence as two separate companies, as the maker of Jeep, Opel and Peugeot vehicles exploited cost efficiencies from combining the businesses. The result compared to a combined 4.79 billion euros for the separate companies in 2020 before the merger, which took effect on Jan. 17, 2021. Revenue for the combined business rose 14%, to 152 billion euros. CEO Carlos Tavares said the results “prove that Stellantis is well positioned to deliver strong performance" and had overcome “intense headwinds” during the year. Automakers have struggled with shortages of key parts such as semiconductor electronic components and rising costs for raw materials as the global rebound from the worst of the coronavirus pandemic brings more demand. The company said the benefits of the merger were worth some 3.2 billion euros during the year. Mergers can lead to streamlined costs as companies combine functions and spread fixed costs over a larger revenue base. The company accelerated its rollout of battery-powered vehicles, with sales of low-emission vehicles reaching 388,000 — an increase of 160%. Stricter environmental regulations in Europe and China are pushing automakers to roll out more electric vehicles with longer range. Stellantis started production of a hydrogen fuel cell commercial van under its Opel brand in December. Stellantis' other brands include Chrysler, Citroen, DS, Fiat, Maserati, Ram and Vauxhall. Related video: Earnings/Financials Chrysler Dodge Ferrari Fiat Jeep RAM Citroen Opel Peugeot Vauxhall

Stellantis will enter joint venture with Samsung SDI for EV batteries

SEOUL — South Korean battery maker Samsung SDI Co Ltd and global automaker Stellantis NV have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday. Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics, already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW and Ford. "The two companies (Samsung SDI and Stellantis) have struck a MOU (memorandum of understanding) to produce EV batteries for North America," the person with knowledge of the matter told Reuters. The source spoke of condition of anonymity because of the sensitivity of the matter. The person said the location of the battery joint venture is under review and will be announced later. In July, Reuters reported that Samsung SDI may build a battery plant in the United States, citing a company source. South Korea's Yonhap news agency earlier reported the two companies plan to build a factory in the United States, citing industry sources. Samsung SDI and Stellantis did not have immediate comment when reached by Reuters. Stellantis on Monday struck a preliminary deal with battery maker South Korea's LG Energy Solution (LGES) to produce battery cells and modules for North America. Shares of Samsung SDI were up 2.6% as of 0300 GMT, versus a 0.6% rise in the KOSPI benchmark index. Related video: Green Alfa Romeo Chrysler Dodge Ferrari Fiat Jeep Maserati RAM Citroen Lancia Opel Peugeot Vauxhall

2021-22 Dodge Challenger Hellcat drops manual option

The six-speed manual has been dropped from the 2022 Dodge Challenger Hellcat at least temporarily while it awaits a powertrain calibration update that will allow it to be sold again, Road & Track reports. The combination has been unavailable to order since November 2021, Stellantis said.  Dodge didn't give R&T much of an explanation regarding the combo's absence, saying only that a revised calibration that would allow the configuration to be sold is coming. When is anybody's guess. In the meantime, we're starting to wonder just how committed Stellantis is to offering its V8s to buyers who aren't opting for half-ton pickups or larger. The inline-six that is slated to replace the 5.7-liter Hemi variant in at least some applications is expected to debut soon. While the 5.7-liter Hemi has surely more than paid for itself at this point, it's likely that Stellantis is limiting availability only to its most profitable models, which help offset the CAFE costs associated with lower fleet mileage. And while Stellantis made quite a bit of noise in recent years about its customers wanting V8s, options for such have become thinner on the ground. The new Grand Cherokee is ostensibly offered with the V8 on its three top trims — Trailhawk, Overland and Summit — but only the last of those can be found anywhere in U.S. inventory with a Hemi under the hood. Trailhawk and Overland V8s simply do not exist. You don't have to take our word for it; you can look for yourself.  Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.